FAQ - Working With A Real Estate Advisor
What should I expect from my real estate agent during escrow as a home seller?
Once a purchase agreement has been accepted and signed by the home seller, the work of their agent is to be the “project manager” of the many documents and decisions needed before the title is transferred to the new owners. This includes assisting with completing all of the seller disclosures required, reviewing any inspections and deciding if there are repairs that would be fair for the home seller to complete on behalf of the buyer, reviewing and explaining all of the contracts related to the purchase including the title and escrow documents, and to resolve any issues that show up. It is expected your real estate agent will have a detailed communication system set up throughout the process in order to deliver a smooth and stress free experience. Check out The Bay Area Team Seller's Guide
What does a home buyer’s real estate agent actually do?
Their first job is to protect the interest of the home buyer. What does this mean? Buying a home in California is a very complex process of analysing a variety of reports and disclosures, providing critical advice regarding minimizing the risks related to these reports, identifying homes that may be a good fit for the home buyer and explaining why, and being a skilled contract negotiator. A few more key responsibilities are to manage the process after an offer has been accepted on a home, which requires the coordination of inspections, addressing and resolving any issues that arise regarding needed repairs that are identified. A real estate agent is ultimately using their professional skills to provide good advice so good decisions can be made by the home buyer.
Can one agent represent both the home buyer and home seller?
The simple answer is yes, if both the home buyer and home seller agree in writing for this form of representation - referred to as “dual agency”. A better question would be, do we advise our real estate clients to participate in a home buying experience with a “dual agency”? Our answer would generally be, no. The issue is how does that real estate professional effectively represent the fiduciary needs of both parties. It would be considered a conflict of interest. Does it happen? Yes. Again, you may want to speak with a qualified real estate attorney before the decision is made.
How do real estate agents get paid?
Real estate professionals are independent contractors and are paid a professional fee at the successful close of escrow while representing a home seller or home buyer. The professional fee is typically paid by the home seller which is shared between the listing agent and the buyer’s agent. The agents then split this fee with the brokerage they are associated with. In California, an agent's professional fee is negotiable, however it is between 5% and 6% in California.
How does The Bay Area Team generally serve their clients?
Throughout your real estate journey, your professional advisor is committed to delivering an elevated real estate experience which includes clear communication. Your real estate advisor is supported by an entire team of fellow real estate professionals and a vetted group of industry vendors. Your agent, alongside the team working hard behind the scenes, provides a hands-on concierge level of services and strategic marketing.
Is it better to work with a local agent?
It is absolutely better to work with a local agent rather than an out-of-area agent. It is important that your real estate advisor have an exceptional understanding of the nearby market and neighborhoods, as this allows them to best assist you with your home selling or buying journey. A local agent is also critical because of their relationships with fellow colleagues in the region. Each member of The Bay Area Team is local to the East Bay and have lived here for decades. We don’t just work here, we live here too.
Do I need a real estate agent to buy a home in California?
No, you are not legally required to have a real estate agent to buy a home in California. However, it's highly recommended for most home buyers due to the complexity of contracts, negotiations, and disclosures, with over 90% of home buyers using one for guidance. While you can represent yourself, agents provide crucial expertise in finding homes, understanding complex paperwork like contingency clauses, negotiating price and repairs, and navigating local market specifics, preventing costly mistakes. Connect with us for a free consultation.
What questions should I ask before hiring an agent?
A place to start when interviewing a real estate professional to represent you as a home seller or home buyer is to discover their years of local market expertise. For example, our core competency is from Orinda to Livermore. Other questions for you to consider are;
- What are their marketing strategies when representing a seller, and for buyers, what are their winning strategies for finding the perfect home and negotiating a fair price for it?
- What is their professional fee structure?
- What is their communication system? This topic is one of the more challenging aspects of most agents’ interaction with their clients. Make sure you know how to best communicate with them.
- How many families have they served in our region in the past year?
- How do they successfully manage multiple offers for a home?
- Do they have the capacity to take on new clients?
- If they are part of a real estate team, who will I be working with?
- What services are included in your professional fee? This will be different for home sellers and home buyers.